Temenos to Guide Northern Caribbean International Bank to Banking as a Service
Northern International Bank (NIBank) is to take advantage of the Temenos banking cloud in the development of its own banking-as-a-service (BaaS) platform.
Seeking to digitally overhaul its retail banking and private banking business, Caribbean Bank, which is based in Antigua and Barbuda but also serves clients in Europe and Latin America, this week went live with its new Temenos technology partner.
Geneva-headquartered Temenos, which supports day-to-day transactions, wealth management and lending capabilities, will provide NIBank with cloud-agnostic technology to adapt to the latest financial trends, including BaaS.
The Temenos banking cloud enables financial institutions to assemble Temenos banking services and third-party solutions with composable banking capabilities. The openness of the platform and the integrated APIs will allow NIBank to create a fully integrated ecosystem of technology and financial services partners.
NIBank has cultivated a customer base around providing prepaid and credit cards, but its investment in the Temenos platform has seen it grow to 25,000 active cards today. The company confirmed plans to expand relationships with card giants MasterCard and Union Pay International; citing it as an essential step in the digital age.
Describing technology investments as one of the Bank’s “top priorities”, NIBank CEO, Jordan Silva Tugues reveals that Temenos was selected “for its global leadership and expertise in serving more than 3,000 financial institutions, as well as the flexibility to leverage the platform based on the size and needs of the bank.”
Adding to this, Tugues comments, “Modernizing our technology with Temenos Banking Cloud will improve our digital customer experience, increase efficiency and propel us to the forefront of banking in the digital age. We are very pleased with the success of the project so far and the direction we will take next. »
Enrique Ramos O’Reilly, Temenos Managing Director for Latin America and the Caribbean, comments: “Disruptive technologies and changing customer demands have led to an unbundling of the banking value chain. The rise of integrated finance means that banking no longer needs to be done within a bank.
“With Temenos, NIBank can offer banking services through retailers and other businesses while continuing to build on its direct customer relationships.”